(1) When contracting with third party financial firms for disbursement and management services of financial aid funds, or for management of financial accounts, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive state or federal financial aid shall review and approve a contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education.

Terms Used In Oregon Statutes 348.017

  • Contract: A legal written agreement that becomes binding when signed.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100

(2) A contract between a public or private post-secondary institution of education and a third party financial firm for services described in subsection (1) of this section may not permit:

(a) Revenue sharing;

(b) The third party financial firm to charge a fee for the initial disbursement of the financial aid funds in an academic term to the student in a paper check or in an electronic funds transfer;

(c) The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or

(d) The third party financial firm to charge a fee for inactivity in an account.

(3) A public or private post-secondary institution of education that contracts with a third party financial firm shall, after redacting from the contract information exempted from disclosure under ORS § 192.311 to 192.478:

(a) Make the contract available for public inspection; and

(b) Publish the contract on the website operated by or for the public or private post-secondary institution of education. [2015 c.633 § 2]

 

See note under 348.015.

 

[1965 c.532 § 1; 1977 c.762 § 6; 1981 c.324 § 2; 1995 c.343 § 33; 1999 c.704 § 9; 2011 c.637 § 135; 2012 c.104 § 41; 2013 c.747 81,82; repealed by 2015 c.513 § 1]

 

[1965 c.532 § 2; 1969 c.573 § 3; 1977 c.725 § 1; 1977 c.762 § 7; 1981 c.324 § 1; 1983 c.483 § 1; 2011 c.637 § 136; 2013 c.747 § 196; repealed by 2015 c.513 § 1]

 

[1965 c.532 § 3; repealed by 1971 c.577 § 3]

 

[1965 c.532 § 4; 1995 c.343 § 34; 2011 c.637 § 137; 2012 c.104 § 42; 2013 c.747 § 83; repealed by 2015 c.513 § 1]

 

[1965 c.532 § 10; repealed by 1967 c.477 § 5]

 

[1967 c.477 § 4; repealed by 2015 c.513 § 1]

 

[1977 c.762 § 10; 1987 c.130 § 1; 2011 c.637 § 138; 2013 c.747 § 197; repealed by 2015 c.513 § 1]

 

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